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First Republic Bank’s Mortgage Originations Tumble

A 15 percent quarter-over-quarter reduction was reported for First Republic Bank’s home-lending volume. As the servicing portfolio was reduced, residential assets expanded.

San Francisco-based First Republic revealed in its third-quarter earnings data that income before the provision for income taxes amounted to $266 billion.

Results were better than in the same three-month period last year, when it earned $242 billion. An improvement was also made from the second quarter of this year, when income was $252 billion.

First Republic originated $3.023 billion in residential loans including $2.623 billion in single-family mortgages and $0.400 billion in home-equity lines of credit.

Business sank compared to the second quarter, when $3.541 billion in loans were closed. It was also worse than $3.447 billion in the third-quarter 2017.

Year-to-date volume was $9.237 billion.

The third-party servicing portfolio was reduced to $11.733 billion from $12.374 billion as of mid-year 2018 and $12.111 billion at the same point last year.

On the bank’s balance sheet were $38.757 billion in residential assets including $36.214 billion in mortgages and $2.544 billion in HELOCs. Holdings climbed from $36.890 billion owned as of mid-year 2019 and $32.468 billion as of the same date last year.

Commercial real estate originations dipped to $1.419 billion from $1.648 billion but have increased from $1.417 billion in the same three months last year. The latest total was comprised of $0.781 billion in multifamily loans, $0.263 billion in commercial mortgages and $0.374 billion in construction loans. Year-to-date CRE volume amounted to $4.568 billion.

CRE
assets owned by First Republic expanded to $18.317 billion from $17.964 billion three months earlier and $15.544 billion one year earlier. Last month’s total consisted of $9.780 billion in multifamily loans, $6.460 billion in commercial mortgages and $2.077 billion in construction loans.

Data previously reported to the Federal Deposit Insurance Corp. indicate that headcount was 4,242 full-time equivalent employees as of June 30, more than 3,881 as of one year earlier.

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